SilverCrest (TSXV: $SIL.V)
Reports First Drill Results from Babicanora Vein; Multiple Intercepts Greater
Than 1,000 gpt AgEq*
VANCOUVER - March 2, 2017 (Investorideas.com
Newswire) SilverCrest Metals Inc. (TSXV:
$SIL.V), is pleased to announce its first drill hole
results for the Babicanora Vein within the Las Chispas Property (the
"Property") located in Sonora, Mexico . As part of the Company's Phase
II Exploration Program, underground drilling at the Babicanora Vein is testing
the historic silver-gold mine (see attached Photos and Figures). In the 1800s,
the Babicanora historic mine (the "Mine") was considered the largest
precious metal producer in the region.
The Mine began operations around 1790 by Spanish
operators, with intermittent production up to 1935. By the late 1800s, historic
public records show that production for the Mine was approximately 80 million
ounces of silver and an unknown amount of gold. As with the three other veins
currently being explored by the Company (Las Chispas, William Tell and Varela
veins), the Babicanora Vein had not been previously drilled.
N. Eric Fier , CPG, P.Eng, President & CEO
remarked, "We expected the area drilled to be mostly mined out and are
very pleased to discover that much of the mineralization in this area is
intact. The initial drill hole results at the Babicanora Vein suggests
high-grade mineralization and a continuous, well-defined mineralized vein and
structure that averages over four metres in true thickness. We have been able
to trace the Babicanora Vein, on surface and underground, for over one
kilometre within an altered and mineralized trend that is over 2.5 kilometres
long and 1 kilometre wide. Underground access to this vein is via a 230-metre
long 4 by 4 metre horizontal adit (see attached Photo), which was driven by a
French company during the 1860s. We are drilling the Babicanora Vein from the
face of this adit, and are encountering high grade drill intercepts within 8 to
33 metres of the adit."
The most significant result for this release is a
true thickness intercept in Hole UB17-05 of 6.1 metres grading 4.84 grams per
tonne ("gpt") gold and 383 gpt silver, or 746 gpt silver equivalent
("AgEq"; based on a ratio of 75 (Ag):1 (Au) and 100% metallurgical
recovery) including 0.6 metres grading 2,907 gpt AgEq. Also noteworthy is a 5.0
metre intercept grading a weighted average 3.91 gpt gold and 182.5 gpt silver,
or 476 gpt AgEq in Hole LC17-04. The following table summarizes the most
significant drill assay results (uncut, undiluted) for the Babicanora Vein
only;
Notes: all
numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
All assays were completed by ALS Chemex in
Hermosillo, Mexico , and North Vancouver, BC.
All drill holes have intercepted epithermal quartz
veining, stockwork veinlets, breccia and/or shears trending NW to SE, dipping
60 to 70 degrees SW. From historic records, the Mine was developed, in the
early 1900s, 200 to 300 feet below the adit elevation but only partially mined
due to water issues. The first four holes were drilled below the adit elevation
(1152 masl). Hole UB17-01 was prematurely halted due to a lost bit. Hole UB17-01a
was drilled adjacent to lost hole. Hole UB17-02 intersected footwall stockwork
but did not intercept its intended target due to the hole azimuth being
near-parallel to the dip of the vein. Hole UB17-03 intercepted a one-metre wide
underground working and is included in the average width and grade based on
hangingwall and footwall assays. Holes UB17-04 and UB17-05 were drilled above
the tunnel elevation where historic mining occurred. Drilling for holes 4 and 5
intercepted intact vein, stockwork and mineralized fill material in historic
workings. Some intercepts experienced less than 50% core recovery due to the
presence of historic workings, fill material and fractured ground. All holes
bottomed in low grade silver-gold mineralization.
At least six historic underground mining chutes
remain intact on the adit level and are filled with undetermined amounts of
mineralized material. For mapping, sampling and drill site access purposes, the
Company has removed, sampled and stockpiled approximately 800 tonnes of this
mineralized material (see attached Photos of chute and stockpile).
Drill results also suggest low grade precious metal
mineralization in the hangingwall of the Babicanora Vein. As part of Phase II
drilling, the near surface projection of this mineralization will be explored
in Q2, 2017 to test a potential near-surface bulk tonnage target. Historically,
Babicanora was considered a gold-dominant producer near the surface
transitioning to a silver-dominant producer at depth.
To date, the Company has completed approximately
fifty percent of the Las Chispas Phase II Exploration Program having drilled 20
core holes totalling about 4,500 metres. Fourteen holes have been drilled in
the Las Chispas and William Tell veins for expansion and resource delineation
with six holes drilled in the Babicanora Vein. Based on positive Phase I and
Phase II drilling results to date, the Company's intention is to mobilize
additional drill rigs to Las Chispas in late Q1 2017, including a man-portable
drill for Las Chispas and William Tell underground drilling.
The Qualified Person under National Instrument
43-101 Standards of Disclosure for Mineral Projects for this news release is N.
Eric Fier , CPG, P.Eng, and President and CEO for SilverCrest, who has reviewed
and approved its contents.
ABOUT
SilverCrest Metals INC.
SilverCrest
is a Canadian precious metals exploration company headquartered in Vancouver,
BC, that is focused on new discoveries, value-added acquisitions and targeting
production in Mexico’s historic precious metal districts. The Company is led by
a proven management team in all aspects of the precious metal mining sector,
including the pioneering of a responsible “phased approach” business model
taking projects through discovery, finance, on time and on budget construction,
and production with subsequent increased value to shareholders.
FORWARD-LOOKING STATEMENTS
This news release contains
"forward-looking statements" within the meaning of Canadian
securities legislation. Such forward looking statements concern the net
proceeds from the Offering and the intended use of proceeds. Such forward
looking statements or information are based on a number of assumptions, which
may prove to be incorrect. Assumptions have been made regarding, among other
things: conditions in general economic and financial markets; timing and amount
of capital expenditures; and effects of regulation by governmental agencies.
The actual results could differ materially from those anticipated in these
forward looking statements as a result of the risk factors including: the
availability of funds; the timing and content of work programs; results of
exploration activities of mineral properties; the interpretation of drilling
results and other geological data; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date the statements were made. The Company
undertakes no obligation to update or revise any forward-looking statements
included in this news release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by applicable law
N. Eric Fier, CPG, P.Eng.
CEO and President
SilverCrest Metals Inc.
Neither
TSX Venture Exchange nor its Regulation Services Provider (as defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE: SilverCrest Metals Inc.
Contact:
SilverCrest Metals Inc.
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1730
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
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